Hallmark reports improved income and substantial rate increases for Q1 2021
Hallmark Financial Services, a diversified property and casualty insurance group that serves businesses and individuals in specialty and niche markets, has reported an improved combined ratio and improved income for Q1 2021 as compared to the same quarter last year.
Substantial rate increases were achieved, particularly in the specialty commercial segment, with increases for this business averaging 13 percent for the quarter.
Hallmark’s net income $9.3 million compared to a loss of $64.3 million in 2020. Its net combined ratio was 96.1 percent for the first quarter of 2021, improved from 97.6 percent for the same period the prior year.
Gross premiums written for the quarter ended March 31, 2021 decreased 19 percent compared to the prior year quarter ended March 31, 2020 and increased 1 percent compared to the previous quarter ended December 31, 2020. The net combined ratio was 96.1 percent for the quarter ended March 31, 2021, as compared to 97.6 percent for the same period during 2020.
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